Elon Musk support for Dogecoin led to price surge


  • In the last week the prices of Dogecoin was over $0.06 over the weekend
  • Prices of Shiba Inu token surged to almost 300 percent
  • Elon Musk’s love for Dogecoin seems to be increasing day by day

SpaceX boss Elon Musk has been an ardent supporter of Dogecoin and this is not the first time he supported the meme currency on Twitter. His consistent tweets about Dogecoin led to the surge in prices of the coin and then fall in the prices of the cryptocurrency.

The Tesla Inc. CEO Elon Musk’s love for cryptocurrency seems to be increasing day by day and especially for the Dogecoin. It seems he has this second job of venting out his support for Dogecoin on his Twitter account. 

Elon Musk & Dogecoin

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The billionaire has been constantly supporting bitcoin and the meme currency Dogecoin. He has always been vocal about it everywhere be it social media or interviews. Well, showing his love and support for Dogecoin, Musk on Thursday night put out a tweet yet again on the meme currency. This is not the first time that this has happened. He has last year too put out a tweet showing support towards DOGE, which led to a high price rally of the coin in the crypto market.

Everytime when Musk puts out his thoughts on the cryptocurrency on social media, an increase is seen in the cryptocurrency. Internet sleuths have coined the term as “The Musk Effect” and this time too there is no exception. Musk gave a reply to a tweet that this is not about bitcoin, or is it? Musk added that sometimes, it is about DOGE. 

Musk posted this tweet at 2:45 AM IST. After his tweet, a sharp increase in the prices of DOGE was seen at 3AM. The 24 hour change recorded, however, was not made up for by this spike. The coin price was -2.05% recorded. 

DOGE and SHIBA INU token’s Price 

In the last week the price of Dogecoin was over $0.06 over the weekend. But when Musk tweeted about the coin, the prices of Shiba Inu tokens surged to almost 300 percent. This is not the first time that Musk tweeted about Dogecoin which led to the surge in prices. He has done this several times and hence he is called the Musk Effect in internet language.

His consistent support has led to the surge in the prices of the coin to an all-time high of $0.065448, up around 35% from its 24 hour low of $0.048356, as per the news by Coindesk reported in February. The coin’s price later went down before climbing back to 25%. The Shiba Inu themed digital coin has then surpassed 8 cents for the first time, just a week after slumping to 2.5 cents.

Musk’s Tweet about the future currency of the Earth

Musk supports major holders of the meme based currency Dogecoin. He said that if the major holders will sell most of their DOGE, they will have the full support. This is not all, he had put a tweet in February asking his supporters about the future currency of the Earth. His followers are nearly 45.8 million to whom he had asked this. 

He gave options as DOGE to the moon or all other crypto combined. Hence, 71.3% of the 2.4 million voters said Dogecoin to the moon will be the future currency of the Earth. 

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